Lockheed Martin's [NYSE: LMT] Central Florida operations have been named among the 2011 recipients of the William C. Schwartz Industry Innovation Award by the Metro Orlando Economic Development Commission.

The award honors companies for creating, developing and successfully implementing products, ideas and processes. The award cited two Lockheed Martin programs that are meeting urgent customer needs through affordability and innovation initiatives: Prepar3D simulation software and the HULC hydraulic-powered exoskeleton.

"We are incredibly proud of this award and to call Central Florida home to several of our most innovative programs," said Chester Kennedy, vice president of engineering at Lockheed Martin's Global Training and Logistics business. "At the heart of those efforts is a solid commitment to our customers and to the communities where we live and work."

The purpose of the EDC's award program is to inspire future entrepreneurs, scientists, business leaders and dreamers to harness the incredible power and promise of technology and creative thinking to solve challenges in the 21st century.

"Our employees are an endless source of innovation," said Bob Gunning, vice president of fire control at Lockheed Martin's Missiles and Fire Control business. "They are role models for tomorrow's engineers, scientists and leaders, generating solutions that ensure a bright future for the Central Florida community. I am proud to see their hard work recognized."

With more than 50 years in Central Florida, Lockheed Martin's operations are primarily located in the Orlando area with additional sites throughout the state. As the largest industrial employer in the state, Lockheed Martin continues a legacy of community support through longstanding volunteer programs and philanthropic initiatives.

Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 126,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation's 2010 sales from continuing operations were $45.8 billion.